The status of genetic diversity, adaptation to climate change or the identification of genes associated with traits of interest in livestock populations has been a major concern for scientists in the last decades. Biotechnology has evolved continuously, offering new tools and methodologies to analyse the genomes of livestock species. Biochemical markers or protein polymorphisms were the tools used for population studies many years ago, but over the last three decades the methodologies available to analyse livestock genomes have changed notably. The development of DNA molecular markers, especially microsatellites and Single Nucleotide Polymorphisms, opened new possibilities for a better understanding of livestock genomes, unthinkable until recently. However, Whole-Genome Sequencing technologies or genome editing techniques are changing the way to analyse or interact with the genomes, even before full advantage can be taken of all the possibilities open by the last group of molecular markers. The aim of this review is to summarize the opportunities available through livestock genome analysis in cattle and small ruminant populations, namely through the molecular markers most widely used over the last few years, including microsatellites and Single Nucleotide Polymorphisms.